April 19, 2024
Phoenix Group Bolsters Global Bitcoin Mining Standing
Bitcoin News

Phoenix Group Injects $187 Million to Expand Bitcoin Mining

Phoenix Group PLC, a company specializing in cryptocurrency mining and blockchain technology and publicly traded on the Abu Dhabi securities market, is investing $187 million to bolster its presence within the Bitcoin mining industry.

Phoenix Computer Equipment, a subsidiary of Phoenix Group, recently revealed through a disclosure on the Abu Dhabi Securities Exchange (ADX) on January 9, 2023, that it has finalized an agreement with Bitmain Development PTI Ltd. via Cypher Capital DMCC to acquire state-of-the-art mining machinery.

Per the disclosure, the acquisition process has been completed, with all requisite formalities concluded. The company emphasized that this agreement empowers Phoenix to increase its hashing power significantly, positioning itself as a prominent entity in the global Bitcoin mining landscape. In December 2023, Phoenix Group, based in the United Arab Emirates, disclosed a substantial $380 million procurement of cutting-edge hardware from WhatsMiner. This initiative aimed to expand its assortment of hydro cooling rigs and marked WhatsMiner’s most substantial order in two years. Additionally, Phoenix Group commenced trading on the Abu Dhabi Securities Exchange in December 2023, marking its status as one of the first publicly listed firms in the Middle East’s industry sector. The company’s stock price surged to 2.32 AED (USD 0.63), with its market capitalization reported at 14.5 billion AED (USD 3.95 billion) as of January 4, 2024.

Phoenix Group witnessed remarkable success with its IPO, oversubscribed 33 times on Nov. 18. The company reported overwhelming demand for its offering of 907,323,529 shares, with retail investors oversubscribing by 180 times and professional investors by 22-fold.

In the wake of the Whatsminer collaboration and the IPO, the recent Bitmain agreement further amplifies Phoenix Group’s hashing power and market presence.

Image by freepik

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